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Greg Sain: Stifel Nicolaus Denies Suitability Complaint
Recent, denied investor complaints against Beverly Hills financial advisor Greg Sain (CRD# 1629842) alleged that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is currently a broker and an investment advisor with Morgan Stanley, having previously been registered with Stifel Nicolaus & Company.
Mr. Sain’s BrokerCheck report discloses three investor complaints. The most recent, filed in March 2023, alleged that as a representative of Stifel Nicolaus & Company, he “recommended positions that were not in line with the customers’ risk profile or instructions.” The complaint, which concerned investments in corporate bonds and structured notes, alleged unspecified damages and was denied by the firm.
A second investor complaint, filed in 2016, alleged that as a representative of Stifel Nicolaus & Company, he recommended a preferred security purchase that “was out of the scope of the client’s mandate to buy municipal bonds.” The complaint alleged unspecified damages and was denied by the firm. In a statement included with the complaint’s disclosure, Mr. Sain pushed back against the allegations. “The client’s allegations are false and I never received instructions to limit my investment recommendations to only municipal bonds,” he said. “My recommendation to purchase the preferred stock at issue was suitable for and consistent with the client’s stated investment objective and risk tolerance at the time. I consulted with the client prior to purchasing the preferred stock and we reviewed the features of the preferred stock. The client approved and authorized the purchase prior to execution.”
A third investor complaint, filed in 2005, alleged that as a representative of Stone & Youngberg, he recommended unsuitable transactions between 1999 and 2003. In 2007 the complaint reached a settlement of $58,500.
According to the Financial Industry Regulatory Authority, Greg Sain holds 35 years of securities industry experience. Based in Beverly Hills, California, he has been a broker and an investment advisor with Morgan Stanley since March 2022. His registration history includes Stifel Nicolaus & Company (Los Angeles, California; 2011-2022), Stone & Youngberg (Los Angeles, California; 1991-2011), Prudential-Bache Securities (New York, New York; 1989-1991), and Municicorp of California (Woodland Hills, California; 1987-1989). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 26 state licenses. (Information current as of April 22, 2023.)
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